An operational test for the existence of a consistent increasing quasi-concave value function

Majid Soleimani-damaneh, Latif Pourkarimi, Pekka J. Korhonen, Jyrki Wallenius

Research output: Contribution to journalArticleScientificpeer-review

Abstract

The existence of an increasing quasi-concave value function consistent with given preference information is an important issue in various fields including Economics, Multiple Criteria Decision Making, and Applied Mathematics. A quasi-concave value function is equivalent to convex-to-the-origin indifference contours, a very common assumption in Economics. In this paper, we establish necessary and sufficient conditions for the existence of a value function satisfying aforementioned properties. This leads to an operational, tractable and easy to use test for checking the existence of such a value function. In addition to developing the existence test, we construct consistent linear and non-linear desirable value functions.
Original languageEnglish
JournalEuropean Journal of Operational Research
DOIs
Publication statusE-pub ahead of print - 4 Jul 2020
MoE publication typeA1 Journal article-refereed

Keywords

  • Multiple criteria analysis
  • Quasi-Concavity
  • Value function
  • Preference information
  • Distance function

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